RWE to Cut Clean-Energy Spending by Half From 2014 to Curb Debt
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RWE AG will cut renewable-energy investment by half from next year as Germany’s second-largest utility seeks to reduce debt and counter falling earnings.
RWE will spend about 500 million euros ($652 million) a year on its Innogy renewables unit in 2014 and 2015, down from 1 billion euros this year, Chief Executive Officer Peter Terium said today. The action is part of a company-wide effort to reduce debt, he said at RWE’s headquarters in Essen, Germany.